The Pre-Auction Letter of Credit does not remain active between BGS Auctions. For both the BGS-CIEP and BGS-RSCP Auction, a winning Bidder’s Pre-Auction Letter of Credit is cancelled once the BGS Supplier Master Agreement (“SMA”) is executed and all credit requirements of the SMA are met. The Pre-Auction Letter of Credit is also cancelled if a Bidder has not won any tranches in the Auction. For each BGS-CIEP and BGS-RSCP Auction process, a Bidder must submit a new Pre-Auction Letter of Credit (or Bid Bond) with its Part 2 Application.